The Law Dictionary for Everyone
The Latin phrase inter vivos translates as “between persons.” In the legal system, an inter vivos trust is also known as a “living trust.” This type of trust is one that can distribute assets to a beneficiary either during the trustor’s lifetime, or after his death. The duration of such a trust is determined when the trust is created. An […]
Read moreA constructive trust is a legal concept created by the courts that describes the remedy that can be sought when a person holds the legal right to property that he should not be able to keep. This property is property that is illegally gained through fraud, wrongdoing, or some other kind of reprehensible behavior. The purpose of a constructive trust […]
Read moreA testamentary trust is a trust that is specified in a person’s will, and that is handled upon that person’s death. A will can contain more than one testamentary trust. Testamentary trusts are different from inter vivos (“living”) trusts, which are trusts that are created and handled while the creator is still alive. To explore this concept, consider the following […]
Read moreA trust is an estate planning tool used by people to protect their assets during their lifetime, and to dictate how those assets are to be disbursed upon their death. A family trust, also known as a “by-pass trust,” is a trust created by a married couple with a large estate for the purpose of avoiding federal estate taxes when […]
Read moreA trust is an estate planning device created by an individual to manage his assets, and to specify how those assets are to be distributed after his death. This individual, called a “Trustor,” transfers ownership of as much of his real and personal property, as well as financial assets, as he desires into the trust to be managed by a […]
Read moreA trust is an estate planning tool created to manage an individual’s assets for the benefit of others. A special needs trust is a unique type of trust which enables a mentally or physically disabled, or chronically ill person, to receive certain income without negatively affecting his eligibility for needs-based public assistance. These government assistance programs include, among others, Social […]
Read moreA trust is an estate planning tool created by an individual to manage his assets prior to his death, and to specify how is assets are to be distributed after his death. The individual creating the trust, called a “Trustor,” or “Grantor,” transfers ownership of property and assets into the trust for the benefit of his heirs or other named […]
Read moreA trust is a legal tool used by many individuals to control how their assets are managed after their death. Once a trust has been created, the creator, called a “Trustor,” transfers ownership of certain specified property and financial assets to the trust for the benefit of others, called “beneficiaries.” The assets in the trust are then managed by a […]
Read moreThe legal term grantor refers to an individual or entity that bestows ownership of property, an easement, or a right, on another individual or entity. The term is often used when one party transfers or conveys title to real property by deed, or when an individual creates a trust, and transfers ownership of his assets into it. To explore this […]
Read moreA living trust is a legal document that spells out an individual’s wishes concerning his or her assets, dependents, and other affairs, which are to be handled by another person, called a “trustee.” A trust is created by the individual, called a “Trustor,” at any point during his life, appointing a trustee, and detailing what is to be dealt with, […]
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